Queen Elizabeth should apologise if tax evasion proved, says British opposition leader

Substantial amounts of money from The Duchy Of Lancaster have been invested through funds in companies such as BrightHouse which has come under fire for exploitation of vulnerable customers

BREAKING NEWS: Secretive offshore dealings of the Queen's private estate, multinational firms and members of Donald Trump's cabinet are revealed in huge new 'Paradise Papers' leak

A small exposure of the Queen discovered in the leasing company, BrightHouse, which was accused of the acquisition on the poor and Threshers - British chain of stores went bankrupt, owing £ 17.5 million of taxes and having left without work of 6 thousand people.

The Labour leader said that those exposed by the Paradise Papers should "not just apologise for it, but also recognise what it does to our society".

"The collective investment fund provides a tax-neutral jurisdiction to ensure its collective income does not pay a second layer of foreign tax in relation to income on which all applicable taxes have already been paid at source".

The Paradise Papers show that £10.7million of the Queen's private money was invested in funds in the Cayman Islands and Bermuda. It refused to disclose the size of its original investment in the company, made in 2005, as its share price began to rocket.

A spokesperson for the Duchy of Lancaster said: "We operate a number of investments and a few of these are with overseas funds".

The Duchy invested in BrightHouse via the Dover Street VI Cayman Fund, which invests in worldwide venture capital and private equity funds - in 2005, Dover Street fund managers contacted investors to request an injection of capital, setting out what was needed and where it would be invested.

The Duchy's investment in BrightHouse, meanwhile, totals 0.0006% of the Duchy's value.

The fund's manager, Guardians of New Zealand Superannuation, today said it used the law firm for advice on reinsurance contracts and setting up accounts as part of its natural catastrophe mandates with external manager Elementum Advisers and Leadenhall.

A further £5 million was invested in 2004 in the Bermuda-based Jubilee Absolute Return Fund Ltd.

He made the comment after he was specifically asked whether he wanted the Queen to apologise over her offshore investments.

He said if the fund operated differently, and it paid more tax through another intermediary measure, it could end up with less money to pay its taxes in New Zealand.

"Those struggling to put food on the table for their families and to pay their mortgages and rents are expected to pay every penny of tax on the dot, but there is a parallel financial universe for the global elite, using fancy accounting instruments and legal wheezes, to protect their mountains of cash from the taxman", he said.

While in Queen Elizabeth's case, the revelation would prompt many critics in the United Kingdom to question whether investing in offshore tax havens is appropriate for the British head of state.

Her use of offshore tax havens is likely to generate criticism from activists seeking to abolish the monarchy in favor of a republic.

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